I remember when Bridge Road was the place to shop for bargains but as Puggle and Little E have said, it's a different demographic these days and not quite the bargain place it used to be.
Smith Street Collingwood is amazing, nearly every shop is a factory outlet so everything from books to clothes, lingerie and the place to buy sports shoes, Nike, New Balance, Converse all have outlets there that are very well stocked.
The Kambrook outlet is great for electrical stuff and Mattel is good if you know your prices before hand.
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The Earnest Hillier Chocolate shop is in Church street (off bridge road) - a must if you have a sweet tooth. Also next to the chocolate shop is a fantastic seconds manchester shop "Fawlty Towels".... it is divine
We visited both of these recently and have to agree fantastics shops to get to. A friend got a beautiful King doona for $20 at Fawlty Towels.
There is also a good Bonds outlet in Toorak, just off Toorak road if you're a standard size

Happy Shopping